Riot Secures $9 Billion Compute Deal with Front-Runner Anthropic
Riot Platforms has secured a massive deal to supply compute capacity to Anthropic, a leading frontier AI company. The agreement is reportedly worth around $9 billion and spans 20 years, with Riot providing 191 megawatts of capacity from its Rockdale, Texas campus.
The news sent shockwaves through the market, with Riot's shares initially falling by 5.4% on Monday but rebounding overnight to gain over 21%. The company's stock is up more than 53% year-to-date, according to Yahoo Finance data.
Anthropic has been making headlines lately for its massive deals in the AI space. Just last month, it struck a $19 billion deal with Bitcoin miner TeraWulf for a 20-year data center lease. This latest agreement adds Riot to a growing list of Bitcoin miners expanding into AI and high-performance computing.
Experts say that partnerships between AI companies and Bitcoin miners are necessary to address the power crunch constraining AI data centers, as noted in a recent report by Bernstein.